Affordable Medical Insurance Providers
Well Known Affordable Providers for Medical Insurance (Health Care Insurance)

Listed below are some of the most well known and affordable Medical insurance providers for your area. Remember, we always encourage that you visit more than a couple of the below Medical insurance providers before you make your final decision.

Medical insurance policies are taken out in order to cover the cost of health care, medications, hospitalizations etc. Basically stated, Medical insurance is a contract between an insurance company and an individual or employer, if the coverage is offered through an employer's business. Medical insurance premiums vary depending on the type of coverage and the deductable. Generally, the covered services are known in advance, and consumers can pick and choose what policy best fits their Medical insurance and care needs.

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Premium: The amount the policy-holder or his sponsor (e.g. an employer) pays to the Medical plan each month to purchase Medical coverage.

Deductible: The amount that the insured must pay out-of-pocket before the Medical insurer pays its share. For example, a policy-holder might have to pay a $500 deductible per year, before any of their Medical care is covered by the Medical insurer. It may take several doctor's visits or prescription refills before the insured person reaches the deductible and the insurance company starts to pay for care.

Copayment: The amount that the insured person must pay out of pocket before the Medical insurer pays for a particular visit or service. For example, an insured person might pay a $45 copayment for a doctor's visit, or to obtain a prescription. A copayment must be paid each time a particular service is obtained.

Coinsurance: Instead of, or in addition to, paying a fixed amount up front (a copayment), the co-insurance is a percentage of the total cost that insured person may also pay. For example, the member might have to pay 20% of the cost of a surgery over and above a co-payment, while the insurance company pays the other 80%. If there is an upper limit on coinsurance, the policy-holder could end up owing very little, or a great deal, depending on the actual costs of the services they obtain.

Exclusions: Not all services are covered. The insured person is generally expected to pay the full cost of non-covered services out of their own pocket.

Coverage limits: Some Medical insurance policies only pay for Medical care up to a certain dollar amount. The insured person may be expected to pay any charges in excess of the Medical plan's maximum payment for a specific service. In addition, some insurance company schemes have annual or lifetime coverage maximums. In these cases, the Medical plan will stop payment when they reach the benefit maximum, and the policy-holder must pay all remaining costs.

Out-of-pocket maximums: Similar to coverage limits, except that in this case, the insured person's payment obligation ends when they reach the out-of-pocket maximum, and the Medical company pays all further covered costs. Out-of-pocket maximums can be limited to a specific benefit category (such as prescription drugs) or can apply to all coverage provided during a specific benefit year.

Capitation: An amount paid by an insurer to a Medical care provider, for which the provider agrees to treat all members of the insurer.

In-Network Provider: (U.S. term) A Medical care provider on a list of providers preselected by the insurer. The insurer will offer discounted coinsurance or copayments, or additional benefits, to a plan member to see an in-network provider. Generally, providers in network are providers who have a contract with the insurer to accept rates further discounted from the "usual and customary" charges the insurer pays to out-of-network providers.